If the U.S. Department of the Treasury, GAO, or OMB objects to a FASAB standard, it is returned to the FASAB for reconsideration.

Question

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The Federal Accounting Standards Advisory Board (FASAB) operates under a process where if the U.S. Department of the Treasury, Government Accountability Office (GAO), or Office of Management and Budget (OMB) objects to a proposed standard, it is indeed returned to FASAB for reconsideration. This process ensures that the standards developed are acceptable to key stakeholders in the federal financial reporting community.

If the US Department of the Treasury, GAO, or OMB Objects to Objects